Ridgewood Investments LLC Raises Position in People’s United Financial, Inc. (PBCT)

Ridgewood Investments LLC increased its stake in shares of People’s United Financial, Inc. (NASDAQ:PBCT) by 34.2% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 19,517 shares of the bank’s stock after buying an additional 4,979 shares during the period. Ridgewood Investments LLC’s holdings in People’s United Financial were worth $345,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Benedict Financial Advisors Inc. increased its position in People’s United Financial by 0.3% in the second quarter. Benedict Financial Advisors Inc. now owns 15,537 shares of the bank’s stock valued at $272,000 after buying an additional 47 shares during the period. ING Groep NV increased its position in People’s United Financial by 0.5% in the second quarter. ING Groep NV now owns 17,637 shares of the bank’s stock valued at $311,000 after buying an additional 94 shares during the period. Contravisory Investment Management Inc. increased its position in People’s United Financial by 0.8% in the second quarter. Contravisory Investment Management Inc. now owns 13,274 shares of the bank’s stock valued at $234,000 after buying an additional 104 shares during the period. Bingham Osborn & Scarborough LLC increased its position in People’s United Financial by 1.2% in the second quarter. Bingham Osborn & Scarborough LLC now owns 10,982 shares of the bank’s stock valued at $194,000 after buying an additional 130 shares during the period. Finally, Neuberger Berman Group LLC increased its position in People’s United Financial by 0.7% in the first quarter. Neuberger Berman Group LLC now owns 31,946 shares of the bank’s stock valued at $581,000 after buying an additional 214 shares during the period. 75.94% of the stock is owned by institutional investors and hedge funds.

People’s United Financial, Inc. (PBCT) opened at 16.82 on Friday. The company has a 50 day moving average of $17.57 and a 200-day moving average of $17.91. People’s United Financial, Inc. has a one year low of $15.28 and a one year high of $20.13. The company has a market cap of $5.68 billion, a P/E ratio of 18.81 and a beta of 0.82.

People’s United Financial (NASDAQ:PBCT) last released its earnings results on Thursday, July 20th. The bank reported $0.19 EPS for the quarter, missing analysts’ consensus estimates of $0.23 by $0.04. The company had revenue of $366.50 million for the quarter, compared to analysts’ expectations of $357.16 million. People’s United Financial had a return on equity of 6.14% and a net margin of 18.88%. The firm’s revenue for the quarter was up 10.0% on a year-over-year basis. During the same period in the prior year, the firm earned $0.23 EPS. On average, equities analysts expect that People’s United Financial, Inc. will post $0.93 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Tuesday, August 15th. Stockholders of record on Tuesday, August 1st will be paid a dividend of $0.1725 per share. The ex-dividend date is Friday, July 28th. This represents a $0.69 dividend on an annualized basis and a dividend yield of 4.10%. People’s United Financial’s dividend payout ratio is currently 77.53%.

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Several research firms have commented on PBCT. Morgan Stanley raised shares of People’s United Financial from an “underweight” rating to an “equal weight” rating and increased their price objective for the company from $16.50 to $17.50 in a report on Monday, June 5th. They noted that the move was a valuation call. BidaskClub downgraded shares of People’s United Financial from a “sell” rating to a “strong sell” rating in a report on Friday, June 23rd. Keefe, Bruyette & Woods reissued a “hold” rating and set a $19.00 price objective on shares of People’s United Financial in a report on Friday, June 9th. Finally, Zacks Investment Research raised shares of People’s United Financial from a “sell” rating to a “hold” rating in a report on Tuesday, July 4th. Three analysts have rated the stock with a sell rating and nine have given a hold rating to the stock. The company presently has an average rating of “Hold” and a consensus price target of $18.25.

In other news, insider Jeffrey Hoyt sold 6,759 shares of the business’s stock in a transaction dated Tuesday, July 25th. The shares were sold at an average price of $17.98, for a total transaction of $121,526.82. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Robert E. Trautmann sold 118,836 shares of the business’s stock in a transaction dated Thursday, June 8th. The stock was sold at an average price of $17.08, for a total transaction of $2,029,718.88. Following the sale, the vice president now directly owns 70,323 shares of the company’s stock, valued at approximately $1,201,116.84. The disclosure for this sale can be found here. Insiders have sold 130,115 shares of company stock valued at $2,226,820 in the last three months. Corporate insiders own 2.70% of the company’s stock.

People’s United Financial Company Profile

People’s United Financial, Inc is a bank holding company and a financial holding company of People’s United Bank (the Bank). The Bank is engaged in providing commercial banking, retail banking and wealth management services to individual, corporate and municipal customers. The Company operates through two segments: Commercial Banking and Retail Banking.

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Institutional Ownership by Quarter for People`s United Financial (NASDAQ:PBCT)

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